Product management refers to the process of developing, justifying, forecasting, pricing, and launching and managing products effectively throughout their lifecycle. In order to be successful, product managers need to have a deep understanding of not only the product they are responsible for, but also the market, the competition, and the customers.
The development stage of product management is about generating and evaluating ideas for new products or features. This is usually done through market research, customer feedback, and data analysis. Once a product idea has been identified as having potential value, the product manager will work with the development team to create a prototype or Minimum Viable Product (MVP). The MVP is then tested with potential customers to gather feedback and validate the product concept.
Next, the justify stage of product management is about building a business case for the product. This includes estimating the potential revenue, profitability, and market share that the product could achieve. The product manager will also need to quantify the costs of developing and marketing the product. All of this information is then used to create a business case that is presented to decision-makers, as to whether or not to continue with the manufacturing of this product.
Then, the forecasting stage of product management is about estimating the future demand for the product. This includes creating sales forecasts, predicting how new products will impact the existing product line, and estimating the return on investment (ROI) of marketing and advertising campaigns.
Lastly, the pricing stage of product management is about finding the right price for the product. This includes understanding customer willingness to pay, estimating the cost of production, and considering the impact of pricing on other products in the same market.
Finally, the launch stage of product management is about making sure the product is ready for launch. This includes finalizing the product development, testing the product, and creating a go-to-market plan.
After the product is launched, the product manager will transition into the product’s lifecycle stage. This includes monitoring sales, customer satisfaction, and profitability. The product manager will also be responsible for making decisions about when to make changes to the product and when to discontinue the product altogether.
A product manager is responsible for overseeing the development and launch of products. They must understand customer needs and market trends in order to create products that meet those needs. This includes researching competitors, setting goals for product development, creating roadmaps for success, managing budgets, coordinating with other departments, and monitoring performance metrics.
Successful product managers need strong analytical skills to understand customer needs and develop strategies for meeting them. They also need excellent communication skills to collaborate with cross-functional teams as well as an understanding of technology trends in order to create innovative solutions. Additionally, they should have experience with project management tools in order to manage timelines and resources effectively.
Fun Fact:
According to a survey by AIPMM, "86% of product managers reported that they are responsible for setting the product strategy" (AIPMM, 2018).